Simplifying The Whole Post-Deceased Beneficiary Law in NY
If a beneficiary dies after the Will is probated but without seeing the division of assets, that person becomes a “post-deceased beneficiary”. However, the uncertainty about the assets remains the biggest concern. In many cases, the deceased beneficiary leaves a testator although he or she does not have the power to stop the probation and distribution of the decedent’s estate. Because the person who received the gift of a will or the executor of an estate was living at the time of the decedent’s death, the bequest vests in the beneficiary or executor and passes to their estate, which will be distributed in line with their Will, if any, or by the intestacy laws governing their estate.
To sum this up easily let’s say a father is survived by his two sons, Fredrick and Ben. His Will clearly defines that his assets will be distributed to his sons equally if any of them dies before him then the surviving son receives the total. However, Ben dies after his father three months before his father’s asset distribution. The moment he was alive he already became a post-deceased beneficiary like his brother as per the post-deceased beneficiary law in the New York.As a result, Ben will receive his father’s portion of the asset before the whole asset is taken over by Frederick.
Now Ben’s Will contains a share of his father’s assets if he had a say before his death then it would go to the rightful hair or the charity. It may not be a swift justice and others will say it is flawed because it makes the distribution of the asset even more difficult for the surviving son. People would prefer the asset would go to the surviving son or Ben’s children since he never had to enjoy his share when he was alive. Hence, you still have time to fix your Will with the help of an estate-planning attorney in New York so the intended heirs get your share equally distributed. You can even name a beneficiary who will also become a post-deceased beneficiary. There is the easiest way to fix this problem, for instance, you mention a testamentary trust in your Will that takes care of your assets in the future even when the beneficiary dies.
Do You to Need Appoint a Fiduciary for the Post Deceased Beneficiary
The distributive portion remains owing to the estate of a post-deceased beneficiary under a will. One of two things must occur to receive this share. Depending on the relationship between the original decedent and post-dead beneficiary, either an Executor or Fiduciary must be appointed for the post-dead beneficiary of a will, or all of the post-dead beneficiary’s distributees must be identified and either noticed or cited.
The original decedent’s estate representative will need to submit an amended probate petition detailing the decedent’s distributees if no custodian has been designated for the post-deceased beneficiary’s estate. After that, the Surrogate’s Court will have to get jurisdiction over each of these extra distributees by serving a citation or waiving a requirement. Having a fiduciary appointed over the estate of a post-deceased beneficiary is desirable since it streamlines the administration of the original estate.
Individuals who are stuck in this situation and want to get out legally should talk to an estate-planning lawyer in New York hailing from the law offices of Roman Aminov, P.C. Dial 347-766-2685 to get a free consultation today.